The transaction marks one of the first acquisition financing deals executed by a private or foreign bank under the RBI's revised framework for bank-funded acquisitions
Anand, a veteran banker with 25 years of experience, will oversee HSBC's global India private banking franchise across India and key international hubs
HSBC has cut India to underweight, citing inflation risks, high energy prices and weak demand outlook, warning of potential earnings downgrades and subdued foreign inflows
HSBC India's CY25 pre-tax profit rose 10.5% to $1.9 billion, led by strong corporate banking performance, as India became its second-largest Asian profit contributor after Hong Kong
Silver moving through the $90/oz mark, believes Nigel Green, chief executive officer of deVere Group, a global consulting firm that has $14 billion in AUM, marks a decisive shift in market psycology
India's factory activity grew at its slowest pace in 24 months in December as output and new orders softened, though the PMI stayed above the expansion threshold
Services led the growth, with activity hitting a record 65.6, while manufacturing preliminary PMI climbed to 59.8 in August, its strongest level since January 2008
India's services PMI rose to 60.5 in July, the highest in 11 months, led by strong international sales, new orders and demand from Asia, Europe and the US
In Asia, HSBC India's PBT is the second highest after Hong Kong. In the half year ended June 30, 2024 (H1CY24), the India arm of the UK-headquartered bank had reported a PBT of $798 million